Ripple advances major global push with new Dubai HQ, Kbank custody and RLUSD launch on OKX
- Ripple is expanding its footprint with a new regional headquarters for the Middle East and Africa in the Dubai International Financial Center.
- Korea’s Kbank announced the deployment of Ripple Custody infrastructure to securely manage digital assets for its institutional users.
- The launch of the RLUSD stablecoin on OKX and the BTC options on Bullish through Ripple Prime targets US institutional clientele and liquidity.
Ripple is pushing forward with its global expansion, launching multiple products so far this week. A new headquarters (HQ) in the Dubai International Financial Center (DIFC) and the integration of Korea’s Kbank on Ripple Custody target the institutional investors in the East. Meanwhile, the launch of RLUSD on OKX and the availability of BTC options on Bullish through Ripple Prime are aimed at institutional liquidity and demand in the US.
Ripple’s new Dubai HQ and expansion in South Korea
Ripple announced the launch of its new Middle East and Africa (MEA) regional headquarters in DIFC, Dubai, on Thursday, to double its current operations capacity as regional demand for blockchain-powered payment and custody solutions grows.
This expansion occurred six years after the first Ripple office was set up in 2020 in Dubai and a year after becoming the first fully licensed Blockchain payments provider by the Dubai Financial Services Authority (DFSA).
"In recent years, the Middle East has become an increasingly vital driver of Ripple's global growth. Our new regional headquarters is a reflection of our ongoing commitment to playing our part in the region's upward trajectory," said Reece Merrick, Managing Director, Middle East and Africa at Ripple.
A day earlier, Ripple Custody had also announced its partnership with Kbank, a Korean internet-only bank, to offer enterprise-grade security and digital asset operations and capabilities for institutional investors.
Korea and Dubai are emerging cryptocurrency markets at an institutional level, and Ripple is attempting to position itself to support the enterprises.
Ripple targets US institutional clientele and retail liquidity through RLUSD on OKX
Bullish options markets announced direct access to Ripple Prime institutional clients on Wednesday, using the RLUSD stablecoin. Access to new markets at an institutional level increases the likelihood of liquidity injection through RLUSD.
Apart from institutions, Ripple targets the liquidity market through its RLUSD stablecoin integration on OKX’s Unified Order Book as announced also on Wednesday. This unlocks deep liquidity across more than 280 trading pairs on the exchange. At the time of writing, RLUSD has a market capitalization of $1.557 billion per DeFiLlama, with most of it held on Ethereum and the XRP Ledger.
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
Recommended Articles
